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Brazil posts rising inflation rate on fuel, utilities

November 10, 2017 by

Brazilian monthly inflation spiked in October on rising fuel costs and higher public utility rates, the Brazilian Census Bureau (IBGE) said Friday. October monthly inflation weighed in at 0.42%, up from just 0.16% in September. The 12-month rate rose from 2.54% as of September to 2.7% in October. Economists pointed to September’s 2.54% as the likely trough for inflation, with the rate rising slowly through the end of the year to about 3.0% and then hitting 3.5% to 4.0% in 2018. Such figures would still be well within the government target of annual inflation at 4.5%. October saw increases in government-controlled public utilities rates and in fuel prices. Housing prices also rose. Food prices continued to decline. Brazilians could face a somewhat higher inflation rate in 2018 because of an expected decline in the grain and oilseeds crop along with rising consumer demand as part of a broad economic recovery.

Link to IBGE release

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